Nickel North Exploration Corp.: Expanding Near Surface Cu-Ni-Pd-Pt-Au Sulphide Mineralization at Falco 7 and Expansion of High Grade Mineralization in Historical Zones
December 19, 2013 (Source: Marketwired) — Nickel North Exploration Corp. (TSX VENTURE:NNX) (“Nickel North” or the “Company”) is pleased to release the results of the final phase of its 2013 exploration program on the Company’s 100% owned Hawk Ridge Cu-Ni-PGE project in northern Québec. The program was very successful in that significant Cu-Ni-Pd-Pt-Au mineralization (see Table) associated with the mafic-ultramafic Montagnais Group sills was intersected during drilling in five separate areas across the property (the Hopes Advance North Zone, Hopes Advance Main Zone, Falco 7 Zone, Gamma Zone and the Mak I Zone).
In four of these separate magmatic sulphide mineralized zones, mineralization occurs in two settings associated with the Montagnais Group mafic-ultramafic sills. Setting 1 mineralization spans the contact between ultramafic units and the underlying glomeroporphyritic gabbro. Setting 2 mineralization occurs at the base of the sills along the footwall contact with the sulphidic paraschist. In the Mak I Zone, mineralization is confined to two pyroxenite units. The Company is particularly excited about the newly-discovered Falco 7 Zone in the north end of the property close to Aupaluk, which is comprised of a shallow-dipping kilometre-scale mafic-ultramafic sill containing layered sulphide-mineralized intervals which returned some of the highest grade Cu-Ni-Pd-Pt-Au assays from this year’s drilling.
Highlights of the 2013 exploration program include:
Falco 7 Zone
- The new Falco 7 zone of mineralization has a drilled strike length of the central portion approximately 1.6 kilometres, however drilling, mapping and geophysics demonstrate that it is open along strike for at least several more kilometres.
- The maximum down-dip extension is approximately 500 metres at a depth of 150 metres from surface.
- Two of the best composite Cu-Ni-Pd-Pt and Au grades and thickest intervals of mineralization at the Falco 7 Zone occur around drill-holes HR-2013-18 grading 0.45% Cu, 0.16% Ni, and 0.24 g/t Pd+Pt+Au or 0.95% CuEq over 19.5 metres (true width for Falco 7 Zone drill-holes is approximately 97% of shown), and HR-2013-26 grading 0.35% Cu, 0.17% Ni and 0.24 g/t Pd+Pt+Au or 0.87% CuEq over 21.00 metres. These two holes (over 350 meters apart) define a representative section across the width of the intrusion in the central portion of the Falco 7 Zone. HR-2013-20, grading 0.47% Cu, 0.14% Ni and 0.27 g/t Pd+Pt+Au or 0.95% CuEq over 13.35 metres is approximately 250 metres along strike south and down-dip from HR-2013-18. The relatively simple and, therefore, predictable stratiform nature of the Falco 7 Zone geology and mineralization facilitated exploration drilling with confidence on approximately 200 metre centres during the 2013 program.
Hopes Advance Main Zone
- The mineralization at the Hopes Advance Main Zone has a strike of at least 950 metres and a down-dip extension from surface of 495 metres.
- HR-2013-16 intersected the down-dip extension of the both settings of mineralization; however, only setting 1 had significant grades (see Table). These two mineralized zones can be traced from HR-2013-16, which intersected 35.85 metres (true width is approximately 72%) grading 0.55% Cu, 0.22% Ni and 0.29 g/t Pd+Pt+Au or 1.19% CuEq, up-dip to the intersection of HR-2012-07 which in 2012 returned 54.2 metres (true width approximately 89%) of 0.54% Cu and 0.19% Ni, and continuing to surface for a total length of 495 metres.
- Mineralization at the Gamma Zone has a minimum strike length of at least 840 metres.
- The mineralization has a maximum thickness of 51.25 metres and a down-dip extension from surface for at least 330 metres.
- Some of this year’s best grades in core came from the two most northern drill holes: HR-2013-30A grading 0.53% Cu, 0.22% Ni and 0.23 g/t Pd+Pt+Au or 1.17% CuEq over 28.5 metres (true width is approximately 86%), and HR-2013-39 grading 0.58% Cu, 0.24% Ni and 0.33 g/t Pd+Pt+Au or 1.29% CuEq over 43.75 metres (true width is approximately 70%).
- In addition, semi-massive sulphide concentrations with > 1% Cu, > 1% Ni and > 1g/t Pd+Pt+Au were intersected at the base of the intrusion in HR-2013-30A; as was the case in its up-dip (330 metres distance) counterparts in HR-2012-01 & 02 from the 2012 drilling program.
- In HR-2013-39 the base of the 43.75 metres intersection of disseminated Cu-Ni-Pd-Pt-Au mineralization contains numerous 0.5 metre intervals returning > 1% Cu and > 0.5% Ni associated with near semi-massive concentrations of sulphides. This is the first discovery of such elevated nickel concentrations at the base of this mineralized horizon, and suggests that semi-massive to massive sulphides may be present close by.
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It is important to note that the mineralization crops out at surface in all the zones explored in 2013. It is also important to note that the mafic-ultramafic sill stratigraphy and associated styles of mineralization at all zones is virtually identical, except that some are more steeply dipping as a result of localized structural modifications.
The Falco 7, Hopes Advance Main and Gamma zones are currently being evaluated in a 43-101 resource report study being conducted by P & E Mining Consultants of Toronto, Ontario. Publishable resource results are expected to be available in mid to late January, 2014. Additionally, metallurgical work on the different type of mineralization settings is being completed by XPS Consulting and Testwork Services of Falconbridge, Ontario.
NNX CEO, Phillip Mudry, states: “The prolific amount of mineralization that has been discovered across the property, situated within the Circum Superior Nickel Belt, which hosts the producing Raglan and Thompson mining districts, and the strategic location on tidewater puts the Hawk Ridge property into a unique position. The ongoing discovery of new mineralized zones and the expansion of the known mineralized zones demonstrate the continued successes of Nickel North’s technical team.”
Table: Cu-Ni & summary Pd+Pt+Au Drill-Hole Assays
|Sulphide %||CuEq %|
|* CuEq (copper equivalent) calculations are based London Metals Exchange 3 year trailing average metal prices as of Dec 13, 2013 (this is new data and is updated in regards to previous news releases) at US$ 8.51/lb. nickel, US$ 3.67/lb. copper, US$ 1554.00/troy oz. gold, US$ 1596.00/troy oz. platinum, and US$ 702.00/troy oz. palladium. The equation for CuEq value is as follows: CuEq = ((Ni grade x Ni price x 22.04622) + (Cu grade x Cu price x 22.04622) + (Au grade x Au price x 0.02916) + (Pt grade x Pt price x 0.02916) + (Pd grade x Pd price x 0.02916)) / (Cu price x 22.04622).|
Quality Assurance and Quality Control
Drill core assay results are monitored and evaluated upon receiving each new assay certificate. Two certified international standards, two certified standards, two certified laboratory inserted standards, and two company inserted blanks, laboratory inserted blanks, company duplicates and laboratory repeats are monitored in each certificate using industry accepted protocols. The geochemical protocol for the project in 2012 & 2013 includes sampling the entire length of the diamond drill-‐hole (half cut NQ core), and analyzing each sample for Ni, Cu and Pt, Pd, Au (fire assay) and a 39-element ICP-MS package following a 4 acid digestion. Core sample analysis was completed by TSL Laboratories, Saskatoon, Saskatchewan.
Gabe Fortin, P.Geol., the exploration manager for the project has reviewed the contents of this news release and is a Qualified Person as defined by NI43-101.
About Nickel North Exploration Corp.
Nickel North Exploration is a Canadian based explorer focused on defining a Ni-‐Cu-‐PGE resource at our Hawk Ridge Project in Northern Québec. The board of directors, advisor committee and management team are experienced, successful mine finders. The property consists of a 50 km long belt of magmatic Ni-‐Cu-‐PGE occurrences covering 30,658 hectares. The project is located near tidewater. Québec is a mining friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen, maintains good relations with local aboriginal communities, and is committed to sustainable development. For more information on the company, please visit www.nickelnorthexploration.com.
Disclaimer for Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The foregoing information may contain forward-looking statements relating to the future performance of Nickel North Exploration Corp. Forward-looking statements specifically those concerning future performance, are subject to certain risks and uncertainties and actual results may differ materially from those currently anticipated due to a number of factors beyond the Company’s control. These risks and uncertainties include, among other things; competition for qualified personnel and risks that are inherent in the Company’s operations including the risks that the Company may not find any minerals in commercially feasible quantity or raise enough money to fund its exploration plans. These and other risks and uncertainties are described herein and from time to time in the Company’s public disclosure documents filed on the SEDAR website maintained by the Canadian Securities Administrators. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change. Nickel North Exploration does not assume any obligation to update or revise its forward-looking statements wither as a results of new information, future events or otherwise.
ON BEHALF OF THE BOARD OF DIRECTORS
Phillip Mudry, P.Geol., President and CEO
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>